Sec. 1. (a) A railroad may incorporate under any of the following:
(1) Before July 1, 2017, this chapter.
(2) The Indiana Business Corporation Law (IC 23-1) (before its repeal).
(3) Any other applicable statute.
After June 30, 2017, a railroad may not incorporate under this chapter.
(b) Any number of persons, not less than fifteen (15), being subscribers to the stock of any contemplated railroad may be formed into a corporation for the purpose of constructing, owning, and maintaining such railroad by complying with the following requirements:
(1) Whenever stock to the amount (measured by the consideration to be received therefor) of at least fifty thousand dollars ($50,000), or one thousand dollars ($1,000) for each and every mile of the proposed road, shall have been subscribed, the subscribers to such stock shall elect directors for such company from their own number and shall severally subscribe articles of association in which shall be set forth the following:
(A) The name of the corporation.
(B) The total number of shares into which its authorized capital stock is to be divided.
(C) Whether all or part of said shares are to have a par value and if so, the number and par value of such shares.
(D) Whether all or part of said shares are to be without par value and if so, the number of such shares.
(E) The consideration for which the company may issue and sell its shares without par value or authorization to the board of directors to fix such consideration from time to time.
(F) If said shares are to be divided into classes or kinds, the designations of the different classes, the number and par value, if any, of the shares of each class, and a statement of the relative rights, preferences, limitations, restrictions, and voting rights of each class.
(G) The number of directors and their names to manage the affairs of the company.
(H) The names of the place from which and the place to which the proposed road is to be constructed and each county into which or through which it is intended to pass.
(I) Its length as near as may be.
(2) Each subscriber to such articles of association shall state the subscriber's place of residence and the number and class (if there be more than one (1) class) of shares taken by the subscriber in such company.
Formerly: Acts 1852, 1RS, c.83, s.1; Acts 1933, c.101, s.7. As amended by P.L.75-1990, SEC.1; P.L.146-2017, SEC.5.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.